Turkey and Russia will establish a joint investment fund

Turkey along with Russia are on the verge of establishing a joint investment fund with capital of about $1 billion. That’s what reporters of state-run Anadolu Agency have learnt from Turkish Economy Minister Nihat Zeybekci.

Relations between Russia and Turkey worsened in November 2015, after the downing of a Russian bomber by the Turkish military.

They have made decent progress towards restoring ties, with Turkish President Tayyip Erdogan as well as Russian President Vladimir Putin holding talks. The leaders were expected to have a meeting again on Monday in Istanbul.

By the way, at a ceremony Zeybekci made the announcement to sign a joint declaration on establishing that fund having met Russian Economic Development Minister Alexei Ulyulkayev in Istanbul, Sunday.

As Zeybekci told Turkish and Russian investment funds are expected to provide about $500 million each for the establishment of the fund as well as its capital could be raised beyond $1 billion if required.